Burned by Las Vegas Sands

A long position in Las Vegas Sands looked like a hot trade, but so far all it’s done is burn Steve Grasso. Now what?

Fast Money’s ‘Governator’ made the fateful call on March 22nd as a bet on Asia.

“The company was granted Singapore junket approval. That’s a catalyst. I would be a buyer,” he said at the time.

As it turned out, buying Las Vegas Sands about 6 weeks ago was like playing red while the roulette wheel landed on black – time and again – no winner here.

Since Grasso made the call – shares have declined almost 10%. Now what?

“The stock has held $50, and they are a great growth story,” says Grasso. “If you’re holding this stock, I certainly wouldn’t sell unless it breaks $50.”

Is the High-End Consumer Cracking?

The FMHR traders discuss Senator Carl Levin's remarks on JPMorgan's losses and whether investors should buy Las Vegas Sands on its dip. Michael Binetti, UBS analyst, also weighs in on which retail stocks are a 'buy' or a 'sell.'

* You can find our conversation about Las Vegas Sands about 2 minutes into this video clip.

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Trader disclosure: On May 11, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Patty Edwards is long JWN; Patty Edwards is long BMO; Patty Edwards is long BKCC; Patty Edwards is long GLD; Patty Edwards is long INTC; Patty Edwards is long PVH; Patty Edwards is long JNK; Patty Edwards is long LQD; Patty Edwards is long T; Patty Edwards is long NKW; Patty Edwards is long MSFT; Jon Najarian is long GGLU; Jon Najarian is long DDMD; Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long CIGX; Jon Najarian is long call spreads in CNO; Jon Najarian is long call spreads in AAPL; Jon Najarian is long call spreads in SPLS; Jon Najarian is long call spreads in JPM; Jon Najarian is long call spreads in MSFT; Jon Najarian is long call spreads in VIVID; Jon Najarian is long call spreads in ARNA; Steve Grasso is long ASTM; Steve Grasso is long AVAV; Steve Grasso is long BA; Steve Grasso is long D; Steve Grasso is long FRO; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long NUAN; Steve Grasso is long MO; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long XLU; Steve Grasso is long ZAZA

For Glenn SchorrNomura Securities International, Inc has received compensation for non-investment banking products or services from the issuer in the past 12 months: JPMNomura Securities International, Inc had a non-investment banking securities related services client relationship with the issuer during the past 12 months JPMNomura Securities International, Inc had a non-securities related services client relationship with the issuer during the past 12 months JPMA Nomura Group Company had an investment banking services client relationship with the issuer during the past 12 months JPMA Nomura Group Company has received compensation for investment banking services from the issuer in the past 12 months JPMNomura Securities International Inc. makes a market in securities of the issuer JPM

For Michael BinettiUBS AG, its affiliates or subsidiaries beneficially owned 1% or more of a class of the following companies' common equity securities as of last month`s end (or the prior month`s end if this report is dated less than 10 days after the most recent month`s end): JCPThe U.S. equity strategist, a member of his team, or one of their household members has a long common stock position in NKEThis company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and investment banking services are being, or have been, provided.: KKSThis company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and investment banking services are being, or have been, provided.: RLThis company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and non-securities services are being, or have been, provided.: KKS This company/entity is, or within the past 12 months has been, a client of UBS Securities LLC, and non-securities services are being, or have been, provided.: RLWithin the past 12 months, UBS Securities LLC has received compensation from this company/entity: KKSWithin the past 12 months, UBS Securities LLC has received compensation from this company/entity: RL

Jonathan ChaplinAs of the date of this report, Credit Suisse Securities (USA) LLC makes a market in the securities of the subject company: SAs of the date of this report, Credit Suisse Securities (USA) LLC makes a market in the securities of the subject company: LEAPAs of the date of this report, Credit Suisse Securities (USA) LLC makes a market in the securities of the subject company: VZAs of the date of this report, Credit Suisse Securities (USA) LLC makes a market in the securities of the subject company: TAs of the date of this report, Credit Suisse Securities (USA) LLC makes a market in the securities of the subject company: CLWRAs of the date of this report, Credit Suisse Securities (USA) LLC makes a market in the securities of the subject company: PCS